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Correction – PureGold Meets 3rd Quarter Gold Production Guidance, Releases 4th Quarter Outlook, Canadian Business Journal

VANCOUVER, British Columbia, October 6, 2022 (GLOBE NEWSWIRE) — In the fifth paragraph of the release announced today by Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) under the same heading, the final Instead of saying, “The company expects costs and revenues to continue to trend downward…”, the sentence should be “The company expects costs and revenues to continue to trend downward.” ..” should be read. Here are the corrected releases:

Pure Gold Mining Inc. (TSX-V: PGM, LSE: PUR) (“PureGold” or the “Company”) today achieved gold production guidance for the 100% owned and operated PureGold mine for the third quarter of 2022 announced that it did. Located in Red Lake, Ontario. PureGold also announced production guidance for Q4 2022.

PureGold Chief Operating Officer Terry Smith said: Our short-term planning and execution are working well, allowing us to actively pursue further optimization of our business. Heading into the fourth quarter, we expect the PureGold mine to continue to increase production on a quarterly basis. He is on track to deliver an updated life of mining plan and pre-feasibility study in the fourth quarter of 2022, which will form the basis of his 2023 guidance. ”

Q3 2022 Guidance for the third quarter of 2022
production ounces (oz) 9,041 8,700 – 12,300
Head grade (g/t Au) 4.5 4.0 – 5.0
recovery (%) 95.1% 95.0%
tons of ore processed

66,042 71,300 – 80,500
Average daily throughput (tpd) 718 775 – 875

As shown in the table above, Q3 2022 gold production was 9,041 ounces, well within guidance. Headgrade and recovery were also within guidance. As previously disclosed, PureGold resumed full-time mill operations in July, achieving strong monthly ore tonnage in July and August, and a record monthly Achieved gold production.

Results in the third quarter would have been better, but contract crusher downtime and problems unrelated to the auto control electronics in the plant caused an unexpected nine days of production loss in September. These temporary issues are now fully resolved, and his average daily throughput for the last week of September continues through his October. However, nine days of losses kept ore throughput below guidance in the third quarter.

Production costs for the third quarter are still being finalized, but are expected to be in the range of $9.5 million to $10.5 million per month, in line with previously announced guidance. In particular, current costs represent an absolute cost reduction of approximately 25% and a cost per tonne reduction of approximately 50% compared to Q1 2022.

Q4 Production Outlook

The PureGold mine’s fourth quarter production guidance is summarized in the table below.

Guidance for Q4 2022
production ounces (oz) 9,000 – 12,500
Head grade (g/t Au) 4.25 – 5.25
recovery (%) 95.0%
tons of ore processed

69,000 – 78,200
Average daily throughput (tpd) 750 – 850

Pre-feasibility study update

The Company plans to conduct a new Pre-Feasibility Study (“PFS”) in the fourth quarter. The new PFS incorporates an updated Mine Life of Mine (“LOM”) Plan and the recently released latest Mineral Resource Estimates (“Updated MRE Estimates”) completed by SRK Consulting (Canada) Inc (“SRK”). “) It is based on. We are working with his SRK to ensure a smooth integration of the new Life of Mine plan into Mine’s existing planning system from January 2023. The LOM plan focuses on continued target production growth that significantly exceeds the company’s fourth quarter production guidance.

The updated MRE has reconfirmed millions of ounces of high-grade gold deposits. We expect PFS to outline a long-term, profitable mining operation in a top-tier jurisdiction that will deliver significant benefits to our shareholders and the community. Red Lake and First Nations Partners. PureGold plans to share the results with the market in the near future.

Qualified Person and NI 43-101 Disclosure

Terrence Smith, P.Eng. Our Chief Operating Officer, who is the designated person for this news release within the meaning of National Instrument 43-101, has reviewed and verified the accuracy of the technical information contained herein, I authorize written disclosure.

About Pure Gold Mining Inc.

PureGold is a Canadian gold mining company located in Red Lake, Ontario, Canada. The Company owns and operates the PureGold mine, which will start producing gold in 2021 after successfully building an 800tpd underground mine and processing facility. The PureGold mine is centered on a 47 square kilometer site with significant discovery potential.

Additional information about the company and its activities can be found on the company website. www.puregoldmining.ca and under company profile www.sedar.com

On behalf of the Board of Directors
Mark O’Dea
Mark Odeer, President and CEO

Inquiries from investors:
Adrian O’Brien
Director, IR & Communications
Phone: 604-809-6890
[email protected]

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

All statements in this press release, other than statements of historical fact, are “forward-looking information” regarding PureGold within the meaning of applicable securities laws. Plans for the PureGold mine, including proposed pre-feasibility studies and updated life-of-mine plans, updated NI 43-101 technical reports, and the timing and content of such technical reports. Forecast for third quarter operating and maintenance capital costs. Forecasts for Q4 and 2023 gold production, ore tonnage, head grades and recovery. Expectations regarding the effectiveness of new initiatives to improve access to stations, resulting in higher throughput, better performance, and lower costs in 2022. By the end of 2022 compared to 2021, achieve minimum targets for reductions in ore production, average head grade and monthly operating costs. Possibility to extend the mine life of PureGold mines. New pre-feasibility study and updated Life of Mine Plan timings and results. Possibility to convert resources into reserves. Migration of mining from the McVay Zone to South Austin and the Austin Zone. Potential for additional resources and expansion of known deposits, as well as potential for new discoveries and company focus in the coming months. Information about future prospects is often, but not always, “seek,” “forecast,” “plan,” “go,” “confirm,” “continue,” “plan,” Identified using words such as “expect”. , “expect”, “expand”, “enhance”, “increase”, “optimize”, “project”, “forecast”, “potential”, “support”, “targeting”, “intent”, “believe” , “improved”, “could”, and similar expressions, or describe a “goal” or variation of such words or phrases, or describe a particular action, event, or outcome as “could” “would”, “might” or “will” stating “is”, “should”, “confirm”, “could”, “would”, “might” or “will” be obtained, occurred or achieved. Forward-looking information is not a guarantee of future performance and is not a guarantee of future performance in the future of the price of gold and other metals, exchange rates and interest rates, good business conditions, political stability, timely government approvals and Obtaining financing, obtaining renewals of existing licenses and permits and obtaining required licenses and permits, stability of labor, stability of market conditions, availability of equipment, accuracy of mineral resources, success of disputes Good solution and expected costs and expenses. Many assumptions are based on factors and events outside of PureGold’s control and there is no guarantee that they will prove correct.

Such forward-looking information involves known and unknown risks that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. I have. Going Concern; Mine Closure and Rehabilitation. Failure to achieve quotes or significant increase in costs. Net loss and negative operating cash flow, debt history. Interpretation of results at the PureGold mining complex, including reserve and resource estimates, may prove to be incorrect. As plans continue to be refined, project parameters change. current economic conditions; future prices of commodities; potential fluctuations in grades or recoveries; Cost and timing of development of new deposits. failure of equipment or processes to perform as expected; failure of contracting parties; timing and success of general exploration and development activities; delays in authorization; potential claims against us; Timing of future economic research. Mining Labor Disputes and Other Risks. delays in obtaining government approvals, financing, or completing exploration and the factors described in the section entitled “Risk Factors” of the Company’s Annual Information Form dated March 30, 2022; www.sedar.com.

PureGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those set forth in the forward-looking information, but PureGold does not anticipate actions, events or results. , estimated, or there may be other factors that cause it to differ from that intended. No warranty can be given that such information will prove to be accurate as actual results or future events could differ materially from those anticipated in such statements. Unless required to do so, we disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.


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Correction – PureGold Meets 3rd Quarter Gold Production Guidance, Releases 4th Quarter Outlook, Canadian Business Journal

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